J. R. Toys Store bought and sold a line of dolls of inventory and has the following records relating to its December 2012 inventory:

Date

Item

Quantity (units)

Unit Cost

1^st Dec.

Beginning inventory

11

$10

3^rd Dec.

Sale

6

9^th Dec.

Purchase

14

$15

11^th Dec.

Sale

13

15^th Dec.

Purchase

10

$17

Required:

J. R. Toys uses the perpetual inventory system, compute the cost of goods sold under:

i.FIFO(5 marks)

ii.LIFO(5 marks)

iii.Average Cost (round amounts to the nearest cent - i.e., two decimal places) (5 marks)

iv.Which method results in the highest cost of goods sold? (5 marks)